Reduce Tax Liability
Does buying something of value help me reduce my tax liability? We have earned a substantial amount of money this year and I am wondering if purchases need to be made to reduce our tax liability.
Earn tax-free income.
Maximize tax credits.
Contributing to a retirement account – 401k or IRA.
Opening a health savings account.
Contributing to employer-sponsored plans.
Profiting from investment losses.
Check for flexible spending accounts at work.
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